Oregon New Income Tax Brackets Initiative (2012)

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A Oregon New Income Tax Brackets Initiative, also known as Initiative 33, 34 and 39, did not make the November 2012 statewide ballot in the state of Oregon as an initiated state statute.

Text of measure

The draft ballot title was:[1]

Creates new tax brackets for annual income $125,000 to $500,000, over $500,000

Result of "Yes" Vote: "Yes" vote creates new tax brackets for income between $125,000 and $500,000, and income over $500,000, per taxable year beginning January, 2012.

Result of "No" Vote: "No" vote retains existing tax rate brackets, including additional tax bracket enacted by voters, effective January 1, 2012, for income over $125,000 per year.

Summary: Currently, Oregon income tax is computed according to income brackets that impose tax of specified amount, plus percentage of taxable income exceeding minimum income amount for each tax bracket. For example, residents with annual taxable income between $5,000 and $125,000, pay tax of $310 plus nine percent of the excess over $5,000; under existing law, the highest tax bracket for tax years beginning January, 2012, applies to taxable income over $125,000, and imposes tax of $11,110, plus 9.9 percent of excess over $125,000. Proposed initiative adds new tax bracket for residents with taxable income over $500,000; imposes tax of $48,235 plus 13.6 percent of income over $500,000 per tax year, beginning in 2012. Other provisions.

Path to the ballot

See also: Oregon signature requirements

In order to qualify for the ballot, supporters were required to collect a minimum of 87,213 valid signatures by July 6, 2012.

See also

Suggest a link

External links

Additional reading